Paystack fined ₦250m as CBN tightens fintech oversight in Nigeria
The CBN imposed a ₦250 million fine on Paystack for operating its Zap product without the appropriate license. Zap, a peer-to-peer money transfer app, requires a microfinance or banking license to function as a wallet.
NIBSS bets on QR codes as a cash alternative for small-value payments
NIBSS has improved the speed of QR code payments by eliminating separate fee queries and enhancing security. NIBSS partnered with the Lagos State government to test QR code bill payments, achieving 750,000 transactions in the first week.
NIBSS joins Zone’s blockchain payment network to include PoS standardisation functions on the blockchain
Zone has partnered with NIBSS to add PTSA functions to its blockchain payment infrastructure. The partnership will improve interoperability across the PoS payment value chain.
Nigerian fintech startups could spend over $1 million on KYC address verification
Fintech startups in Nigeria must physically verify the addresses of POS agents and all other customers as part of new KYC processes. The cost of verifying POS agents could be expensive, with startups potentially paying up to ₦1000 ($0.40) per agent.
